MIGA's mission is to support economic growth, reduce poverty, and improve people's lives by mobilizing cross-border private investment into developing countries. In order to achieve this, the Agency needs a clear understanding of the development outcomes of the projects it supports. We collect a set of common indicators from clients and put in place a development outcome results system known as the Development Effectiveness Indicator System (DEIS).
MIGA's $4.0 billion issuance in FY20 is expected to deliver strong development across all the host countries. Highlights of the aggregate expected development results between FY14 and FY20.
Expected Development Results (FY20 New Business)
Expected Development Results (FY14-FY20)
In response to the COVID-19 pandemic, MIGA launched its $6.5 billion fast-track facility in April 2020 to support private sector investors and lenders in emerging markets and developing economies. During FY20, the Agency issued $2.1 billion in guarantees in support of 18 projects in low-income and middle-income countries as part of the fast-track facility.
Of the 47 projects supported by MIGA during FY20, 70% addressed at least one of the three strategic priority areas, namely, Climate Finance, Low-Income (IDA) Countries, and Fragile and Conflict-Affected Situations (FCS).
During FY20, MIGA supported 6 projects in Latin America and the Caribbean, and issued guarantees for a total of $1.5 billion. In Sub-Saharan Africa (SSA), the Agency supported 22 projects by issuing guarantees for $1.3 billion, nearly all of which supported one or more strategic priority areas. New guarantees issued in Europe and Central Asia amounted to $499 million and the majority of them were capital optimization guarantees that were issued under Pillar 2B of MIGA's COVID-19 fast-track facility. The Agency supported 4 projects in FY20 in East Asia and the Pacific and South Asia, issuing guarantees for $532.3 million. MIGA continued to expand on its climate finance commitments in the Middle East and North Africa, and supported 7 renewable energy projects, issuing guarantees for a total of $168 million.